SpaceX stock soars on Wall Street debut, valuation tops $2 trillion

SpaceX's stock experienced a dramatic surge on its first day of trading on Wall Street, pushing the space exploration company's market capitalization past $2 trillion. The shares opened at $135, as planned, but rapidly climbed to $165 shortly before 6 p.m. French time, marking a nearly 30% increase from its initial offering price. This dynamic start positions SpaceX to become the sixth most valued listed company in the United States.

The soaring stock value significantly boosted Elon Musk's personal fortune, which now exceeds $1 trillion. As the owner of 39% of SpaceX, Musk becomes the first person in history to reach this financial milestone. The bell-ringing ceremony at the Nasdaq in New York, marking the official start of trading, was attended by SpaceX President Gwynne Shotwell and CFO Bret Johnsen. However, actual transactions began mid-session as the Nasdaq processed buy and sell orders and lead banks balanced supply and demand.

Analysts had anticipated a strong performance. "We expect an immediate surge in the stock, likely exceeding 20%, given the enthusiasm surrounding the operation," Samuel Kerr, global head of equity capital markets at Mergermarket, had estimated shortly before the opening. He added that a smaller increase might even be cause for concern.

Following days of intense anticipation, attention now shifts to how Wall Street's market infrastructure will handle the exceptional trading volumes. Exchanges, market makers, and underwriting banks are preparing for a significant influx of orders, aiming to avoid technical glitches that marred Meta's IPO in 2012. The SpaceX listing is seen as a crucial test, potentially paving the way for future mega-IPOs from artificial intelligence giants like Anthropic and OpenAI.

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We expect an immediate surge in the stock, probably higher than 20%, given the enthusiasm surrounding the operation.